Pictet Asset Management Holding SA Increases Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Pictet Asset Management boosted its stake in Texas Pacific Land (TPL) by 201% in Q4 to 24,546 shares, valued at about $7.05 million.
• Analysts have increased expectations for TPL, with a consensus rating of "Moderate Buy" and an average price target of $639 (KeyCorp raised its target to $639 and Zacks moved to strong-buy).
• Insider activity was mixed: director Donna E. Epps bought 895 shares at $510.45 (a 44.18% increase in her holding) while CAO Stephanie Buffington sold 1,608 shares at $503; insiders now own 6.90% of the company.

Pictet Asset Management Holding SA lifted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 201.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,546 shares of the financial services provider's stock after purchasing an additional 16,392 shares during the quarter. Pictet Asset Management Holding SA's holdings in Texas Pacific Land were worth $7,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its position in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after buying an additional 69 shares during the last quarter. Quarry LP acquired a new position in Texas Pacific Land in the third quarter valued at about $29,000. CX Institutional acquired a new position in Texas Pacific Land in the third quarter valued at about $30,000. Eagle Bay Advisors LLC acquired a new position in Texas Pacific Land in the fourth quarter valued at about $31,000. Finally, Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the third quarter valued at about $33,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

Analysts Set New Price Targets

TPL has been the topic of a number of recent analyst reports. KeyCorp upped their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Finally, Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $639.00.

Insider Buying and Selling at Texas Pacific Land

In related news, Director Donna E. Epps purchased 895 shares of the business's stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Performance

Shares of TPL opened at $433.94 on Monday. The stock has a market capitalization of $29.92 billion, a PE ratio of 62.20 and a beta of 0.67. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company's 50-day simple moving average is $481.54 and its 200-day simple moving average is $378.81.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. The business had revenue of $211.60 million for the quarter, compared to analysts' expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's payout ratio is presently 34.38%.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company's origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company's primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.

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